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Reliance Power Profit Doubles In September Quarter; Shares Jump

Reliance Power Profit Doubles In September Quarter; Shares Jump

Reliance Power's net profit more than doubled in quarter ended September 2020, the company's exchange filing showed. The Anil Ambani-promoted company Reliance Power reported net profit of Rs 106 crore, up 135 per cent from Rs 45 crore posted during the corresponding period last year.

Its revenue from operations rose 21 per cent to Rs 2,449 crore as against Rs 2,018.59 crore in the same period last year.

"The company's debt to equity of 2.30:1 was among the lowest in industry despite of ongoing COVID-19 pandemic and company repaid Rs 894 crore in first half of the current financial year and will repay Rs 2,290 crore in H2 FY21 which will further improve the debt equity ratio," the Mumbai-based power producer said in a press release.

Reliance Power's EBITDA (Earnings before interest, taxes, depreciation and amortization) or operating profit came in at Rs 1,198 crore, the company's release added.

Reliance Power shares were locked in a 20 per cent upper circuit at Rs 3.28. In the last two trading sessions, Reliance Power shares have rallied 32 per cent.